Former British Prime Minister Gordon Brown said on Monday that artificial intelligence (AI) could save the global economy from a decade of low growth. Brown, who led the UK from 2007 to 2010, said in an interview that if we don't have the productivity surge brought about by artificial intelligence, we will enter a decade of low growth. It can change entire industries. You will never see the accounting, legal, or even medical or education professions standing still.
The former prime minister spoke as the UK prepares to host a global summit on AI in November, which will bring together major countries and relevant companies to discuss how to maximize the use of this fast-growing technology while regulating regulations to curb the risks it poses, such as the spread of disinformation and election interference.
Michelle Donelan, the British Minister of Science, Innovation and Technology, told reporters on Monday that the United Kingdom will seek to agree on some consensus and common actions at the meeting.
"What we're going to see at the summit is certainly some kind of agreement between countries and some kind of agreement with businesses on their practices," he said. "We almost need to put in place a 'smoke alarm' so that businesses not only look for risks but respond to them."
Brown spoke alongside Allianz chief economic adviser Mohamed El-Erian and economist Michael Spence. In the report, they call for greater global coordination to address crises facing climate, health and financial stability.
"None of these problems can be solved without coordinated global action," Brown said, warning against protectionism and isolationism.
They also say global institutions such as the International Monetary Fund, World Bank and World Trade Organization need to reform and learn how to prevent and resolve crises.
“There’s no magic bullet,” Elian said. “It’s not a big bang — you do something tomorrow and everything will be fine. It’s building a foundation that turns a vicious cycle into a virtuous one.”
Finally, in response to current Prime Minister Sunak's decision last week to withdraw a series of environmental policies, Brown warned that climate change is being used as a political football.
"This is all about the election," he said. "All of these long-term decisions are falling victim to immediate political campaigns, if you will, and that's the big mistake we're getting. These are long-term problems that have to be addressed."
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